Recent rises in interest rates are likely to moderate demand for property, experts say. Alamy
Recent rises in interest rates are likely to moderate demand for property, experts say. Alamy
Recent rises in interest rates are likely to moderate demand for property, experts say. Alamy
Recent rises in interest rates are likely to moderate demand for property, experts say. Alamy

Weekend

How ‘Fomo’ is driving UAE residents to take out mortgages while they still can

Demand for home loans is on the rise - but so are interest rates

Deepthi Nair
Deepthi Nair

August 12, 2022

  • English
  • Arabic

Demand in the UAE’s mortgage market is being driven by “Fomo [fear of missing out] buyers” as many prospective home owners are rushing to enter the property market before the purchase becomes out of reach, industry experts say.

“With the dual impact of accelerated home price appreciation and rising interest rates, mortgage payments have gone up close to 50 per cent in some cases,” said Mohamad Kaswani, managing director of Mortgage Finder.

“However, it’s still premature to measure the real impact of rising interest rates on the local market as most transactions that took place in the second quarter were likely negotiated and decided in March prior to the rate hike.”

The central banks of the UAE, Saudi Arabia, Bahrain, Kuwait and Qatar raised their benchmark borrowing rates last month after the US Federal Reserve doubled down and aggressively raised its key interest rate to tame surging inflation.

The Fed increased the policy rate by 75 basis points (bps) on July 27 after a larger-than-expected three-quarters percentage point increase in June. This is the Fed’s fourth interest rate increase in four months and the biggest since 1994.

Most central banks in the GCC follow policy rate moves by the Fed due to the peg of their currencies to the US dollar.

The Central Bank of the UAE raised its benchmark base rate for its overnight deposit facility by three quarters of a percentage point. It maintained the rate applicable to borrowing short-term liquidity from the regulator through all standing credit facilities at 50 bps above the base rate.

Higher interest rates mean a range of personal finance products, including mortgages, will cost more.

Recent rises in interest rates will likely moderate demand for UAE properties as mortgage rates move higher. However, it is worth remembering that the market as a whole is still below the peak price level of 2014, said Sameer Lakhani, managing director of commercial lender Global Capital Partners.

“Concerns on the interest rate trajectory and inflation will undoubtedly play a factor in decision-making for end-users, though this will be less of a factor at the top end of the market [this segment has moderated worldwide in recent months, but continues to dominate headlines based on the gargantuan ticket sizes for deals that occur periodically],” Mr Lakhani added.

Mortgage transactions in Dubai in the second quarter of this year were relatively flat over the same period last year. There were 4,823 mortgage deals recorded between April and June, compared with 4,742 transactions for the corresponding time frame in 2021, Mortgage Finder reported.

The overwhelming majority of mortgage transactions are by first-time home buyers, the consultancy found.

The most important advice for a first-time buyer in this market is to work with an excellent mortgage broker who understands your budget and repayments and keeps you informed of any changes in “a very fast-moving mortgage market”, said Richard Waind, group managing director of real estate broker Better Homes.

“The majority of mortgages we originated in the second quarter were fixed-term products, though it’s becoming more challenging as most local lenders have been pulling back on offering attractive fixed-term mortgages, which is typical in local markets during periods of interest rate volatility,” Mr Kaswani said.

However, there has been increased demand for mortgage refinancing as many home owners are looking to maintain stability in their monthly payments and mitigate against the risk of further rate rises, he adds.

“In the long term, as interest rates continue to rise, the mortgage industry will be under pressure to innovate and introduce more value to prospective borrowers,” Mr Kaswani said.

The UAE property market has been extremely resilient in the face of rising interest rates, said Mr Waind from Better Homes.

“What we are seeing is a normalisation of interest rates, although it may impact the budget of some buyers,” he said.

Dubai apartment prices - in pictures

Jumeirah: Dh2,079 per square foot — up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National
Jumeirah: Dh2,079 per square foot — up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National
APARTMENT PRICES: Downtown Dubai rose by 0.3 per cent month-on-month in June, 0.5 per cent in May and are at Dh2,050 per square foot (they were up 0.7 per cent in April). Reuters
APARTMENT PRICES: Downtown Dubai rose by 0.3 per cent month-on-month in June, 0.5 per cent in May and are at Dh2,050 per square foot (they were up 0.7 per cent in April). Reuters
The Palm Jumeirah: Dh1,913 per square foot — down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National
The Palm Jumeirah: Dh1,913 per square foot — down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National
DIFC: Dh1,679 per square foot — down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National
DIFC: Dh1,679 per square foot — down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National
Mohammed bin Rashid City: Dh1,531 per square foot — up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National
Mohammed bin Rashid City: Dh1,531 per square foot — up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National
Dubai Hills: Dh1,511 per square foot — up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management
Dubai Hills: Dh1,511 per square foot — up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management
Business Bay: Dh1,489 per square foot — down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National
Business Bay: Dh1,489 per square foot — down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National
Jumeirah Beach Residence: Dh1,412 per square foot — down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com
Jumeirah Beach Residence: Dh1,412 per square foot — down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com
Dubai Marina: Dh1,386 per square foot — up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National
Dubai Marina: Dh1,386 per square foot — up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National
The Greens and The Views: Dh1,082 per square foot — up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National
The Greens and The Views: Dh1,082 per square foot — up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National
Jumeirah Lakes Towers: Dh1,004 per square foot — down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National
Jumeirah Lakes Towers: Dh1,004 per square foot — down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National
Damac Hills: Dh1,002 per square foot — up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National
Damac Hills: Dh1,002 per square foot — up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National
Jumeirah Village Circle: Dh911 per square foot — up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National
Jumeirah Village Circle: Dh911 per square foot — up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National
Town Square: Dh846 per square foot — down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April.
Town Square: Dh846 per square foot — down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April.
Motor City: Dh653 per square foot — down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April.
Motor City: Dh653 per square foot — down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April.
Dubai Silicon Oasis: Dh601 per square foot — up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National
Dubai Silicon Oasis: Dh601 per square foot — up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National
Dubai Sports City: Dh606 per square foot — up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National
Dubai Sports City: Dh606 per square foot — up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National
Discovery Gardens: Dh515 per square foot — down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National
Discovery Gardens: Dh515 per square foot — down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National
International City: Dh442 per square foot — up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National
International City: Dh442 per square foot — up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National

While it had been a buyers’ market in Dubai for the past six to seven years, with rising demand, sales prices and transaction volumes, it is increasingly becoming a sellers’ market, said Edward Macura, partner at property consultancy Core.

However, it is important to note that higher interest rates and inflation are affecting the purchasing power of buyers, Mr Macura said.

Indians ranked first in Better Homes’ list of top five buyers of Dubai real estate by nationality, followed by people from UK, Italy, Russia and France.

The war in Ukraine, domestic tax concerns and an increasingly mobile workforce are some of the reasons behind the increased migration of Europeans to the UAE, Mr Waind said

“We have also seen many global expats relocate to Dubai from the Asia Pacific due to continuing Covid-19 restrictions. Chinese buyers continued to drop in our rankings in the face of continued lockdowns,” he added.

Meanwhile, the secondary market in Dubai continues to be in higher demand with a higher share of transactions than the off-plan market, the consultancy Core said.

However, both off-plan and secondary market transactions in Dubai are witnessing a similar level of increase in demand. Off-plan transaction volumes in the second quarter of 2022 are up by 47 per cent annually, while secondary market transactions increased by 42 per cent year on year, the consultancy said.

“Catering to improved market sentiment and demand conditions, developers are continuing to launch projects, which are witnessing strong absorption,” Mr Macura said.

“There has been a 215 per cent increase in the number of new projects launched in the first half of 2022, compared with the same period last year.”

Nearly 60 per cent of all year-to-date transactions in Dubai so far are below the Dh2 million ($544.6m) mark, Core’s data shows.

“We are seeing more buyers identifying themselves as investors,” Mr Waind said.

“Average gross rental yields are more than 6 per cent, which are very high internationally, and we expect modest capital growth over the short and medium term.”

While price increases are being witnessed across all districts, the luxury villa segment in Dubai recorded a sharp increase in sales prices, with demand outstripping supply in areas such as Palm Jumeirah, Jumeirah Park and Arabian Ranches, Core’s Mr Macura said.

In the apartment segment, districts such as Downtown Dubai, Palm Jumeirah, City Walk, Business Bay and Jumeirah Lakes Towers have seen the highest rise in sales prices, he added.

With the dual impact of accelerated home price appreciation and rising interest rates, mortgage payments have gone up close to 50% in some cases
Mohamad Kaswani,
managing director of Mortgage Finder

“The market narrative of oversupply has been in place for a few years now and for the most part, it has been wrong,” Mr Lakhani said.

“At the luxury end of the market, the resurgence in prices has shown that if anything, the market was under-supplied. In the mid-market segment, there has been a steady increase in demand as well, particularly in locations such as Jumeirah Village Circle.”

The prime and ultra-prime segment of the Dubai market is currently under-supplied as demand has outstripped supply, Mr Macura said.

However, the outer areas and the cheaper and mid-market segment is balanced in terms of supply/inventory levels and demand, he said.

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De De Pyaar De

Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars

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THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

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COMPANY PROFILE
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The specs

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Torque: 500Nm

Transmission: eight-speed automatic

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On sale: now

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OUTSTANDING BRITISH FILM

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FILM NOT IN THE ENGLISH LANGUAGE

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ADAPTED SCREENPLAY

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ORIGINAL SCREENPLAY

  • BOOKSMART - Susanna Fogel, Emily Halpern, Sarah Haskins, Katie Silberman
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OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER

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  • MAIDEN - Alex Holmes (Director)
  • ONLY YOU - Harry Wootliff (Writer/Director)
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ANIMATED FILM

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EDITING

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COSTUME DESIGN

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PRODUCTION DESIGN

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SOUND

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  • JOKER - Tod Maitland, Alan Robert Murray, Tom Ozanich, Dean Zupancic
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  • ROCKETMAN - Matthew Collinge, John Hayes, Mike Prestwood Smith, Danny Sheehan
  • STAR WARS: THE RISE OF SKYWALKER - David Acord, Andy Nelson, Christopher Scarabosio, Stuart Wilson, Matthew Wood

ORIGINAL SCORE

  • 1917 - Thomas Newman
  • JOJO RABBIT - Michael Giacchino
  • JOKER - Hildur Guđnadóttir
  • LITTLE WOMEN - Alexandre Desplat
  • STAR WARS: THE RISE OF SKYWALKER - John Williams

SPECIAL VISUAL EFFECTS

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  • AVENGERS: ENDGAME - Dan Deleeuw, Dan Sudick
  • THE IRISHMAN - Leandro Estebecorena, Stephane Grabli, Pablo Helman
  • THE LION KING - Andrew R. Jones, Robert Legato, Elliot Newman, Adam Valdez
  • STAR WARS: THE RISE OF SKYWALKER - Roger Guyett, Paul Kavanagh, Neal Scanlan, Dominic Tuohy

MAKE UP & HAIR

  • 1917 - Naomi Donne
  • BOMBSHELL - Vivian Baker, Kazu Hiro, Anne Morgan
  • JOKER - Kay Georgiou, Nicki Ledermann
  • JUDY - Jeremy Woodhead
  • ROCKETMAN - Lizzie Yianni Georgiou

BRITISH SHORT FILM

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  • GOLDFISH - Hector Dockrill, Harri Kamalanathan, Benedict Turnbull, Laura Dockrill
  • KAMALI - Sasha Rainbow, Rosalind Croad
  • LEARNING TO SKATEBOARD IN A WARZONE (IF YOU’RE A GIRL) - Carol Dysinger, Elena Andreicheva
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BRITISH SHORT ANIMATION

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  • IN HER BOOTS - Kathrin Steinbacher
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'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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%3Cp%3EThe%20BaaS%20value%20chain%20consists%20of%20four%20key%20players%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConsumers%3A%3C%2Fstrong%3E%20End-users%20of%20the%20financial%20product%20delivered%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDistributors%3A%3C%2Fstrong%3E%20Also%20known%20as%20embedders%2C%20these%20are%20the%20firms%20that%20embed%20baking%20services%20directly%20into%20their%20existing%20customer%20journeys%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEnablers%3A%3C%2Fstrong%3E%20Usually%20Big%20Tech%20or%20FinTech%20companies%20that%20help%20embed%20financial%20services%20into%20third-party%20platforms%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProviders%3A%3C%2Fstrong%3E%20Financial%20institutions%20holding%20a%20banking%20licence%20and%20offering%20regulated%20products%3C%2Fp%3E%0A
How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

The%20Sandman
%3Cp%3ECreators%3A%20Neil%20Gaiman%2C%20David%20Goyer%2C%20Allan%20Heinberg%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Tom%20Sturridge%2C%20Boyd%20Holbrook%2C%20Jenna%20Coleman%20and%20Gwendoline%20Christie%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
While you're here
UAE currency: the story behind the money in your pockets
Biggest%20applause
%3Cp%3EAsked%20to%20rate%20Boris%20Johnson's%20leadership%20out%20of%2010%2C%20Mr%20Sunak%20awarded%20a%20full%2010%20for%20delivering%20Brexit%20%E2%80%94%20remarks%20that%20earned%20him%20his%20biggest%20round%20of%20applause%20of%20the%20night.%20%22My%20views%20are%20clear%2C%20when%20he%20was%20great%20he%20was%20great%20and%20it%20got%20to%20a%20point%20where%20we%20need%20to%20move%20forward.%20In%20delivering%20a%20solution%20to%20Brexit%20and%20winning%20an%20election%20that's%20a%2010%2F10%20-%20you've%20got%20to%20give%20the%20guy%20credit%20for%20that%2C%20no-one%20else%20could%20probably%20have%20done%20that.%22%3C%2Fp%3E%0A
Kareem Shaheen on Canada
UAE Rugby finals day

Games being played at The Sevens, Dubai

2pm, UAE Conference final

Dubai Tigers v Al Ain Amblers

4pm, UAE Premiership final

Abu Dhabi Harlequins v Jebel Ali Dragons

Autumn international scores

Saturday, November 24

Italy 3-66 New Zealand
Scotland 14-9 Argentina
England 37-18 Australia

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

On Women's Day
While you're here
SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

France and Covid-19
Updated: August 12, 2022, 6:02 PM
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